18 August 2017
visit www.avoka.com

P2P lender CommunityLend launches in Ontario

12 January 2010  |  6503 views  |  1 Dot COM

Canadian online peer-to-peer lending service CommunityLend has launched in Ontario ahead of a planned national roll out.

Plans for the site were initially revealed in 2007 when the founders - including noted banking blogger Colin Henderson - predicted it would go live by the end of that year.

However, with the nascent P2P lending model raising regulatory concerns, CommunityLend has held back the launch.

Rival Canadian offering IOU Central was forced to halt operations less than a month after launching when regulators in Quebec ordered the unit to close down. It is still not operating in the country.

Now, after what CEO Michael Garrity calls a "long road", CommunityLend has opened its doors to borrowers and lenders resident in the province of Ontario. New provinces and territories are expected to be added in the "coming months".

The site lets people with strong credit histories request to borrow between C$1000 and C$25,0000 directly from private individual and institutional investors.

Lenders, who must be "accredited investors", can then bid to offer a portion of the loan request - at least C$100. If the loan request is filled, the borrower can either close it or allow new lenders to outbid existing offers with better interest rates and monthly payments.
KeywordsSOCIAL MEDIA

Comments: (1)

Colin Henderson
Colin Henderson - Laurentian Bank - Canada | 14 January, 2010, 04:02

Thanks for picking up on our launch. It is our intention to go slow for the first couple of weeks as we give time for lenders to build up capital supply to fund the loans, and we get a chance to check out the system in real time. 

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Prosper raises $1 million in debt financing

Prosper raises $1 million in debt financing

11 November 2009  |  6108 views  |  0 comments
Prosper resumes lending, again

Prosper resumes lending, again

14 July 2009  |  5510 views  |  0 comments
P2P micro-lending site Kiva opens up to US borrowers

P2P micro-lending site Kiva opens up to US borrowers

10 June 2009  |  5280 views  |  0 comments
Lending Club raises $12m funding

Lending Club raises $12m funding

19 March 2009  |  5985 views  |  0 comments
Zopa quits US

Zopa quits US

10 October 2008  |  9836 views  |  0 comments
P2P lender Zopa reports soaring uptake as credit crunch bites

P2P lender Zopa reports soaring uptake as credit crunch bites

09 October 2008  |  12992 views  |  0 comments
Zopa passes 200,000 members

Zopa passes 200,000 members

08 July 2008  |  5975 views  |  0 comments
Canadian P2P network IOU Central falls foul of regulators

Canadian P2P network IOU Central falls foul of regulators

03 March 2008  |  5206 views  |  0 comments
Canadian P2P loan operator CommunityLend secures funding

Canadian P2P loan operator CommunityLend secures funding

20 December 2007  |  8476 views  |  0 comments
CommunityLend to set up online P2P loan exchange in Canada

CommunityLend to set up online P2P loan exchange in Canada

09 March 2007  |  15003 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.worldpaymentsreport.comvisit www.niceactimize.com

Who is commenting?

Top topics

Most viewed Most shared
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
10084 views comments | 8 tweets | 16 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8367 views comments | 1 tweets | 3 linkedin
hands typing furiouslyCompliance: Overcome the data deficit
7811 views 0 | 1 tweets | 9 linkedin
PayPal buys Swift Financial to boost working capital bizPayPal buys Swift Financial to boost worki...
7758 views comments | 13 tweets | 7 linkedin
Uneasy sits the crown as cash use continues declineUneasy sits the crown as cash use continue...
7723 views comments | 3 tweets | 7 linkedin